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Deutsche Welle Journal

News/Business. International news and analysis. (Stereo)

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Cyprus 15, Brussels 6, Francis 5, Germany 5, Myanmar 4, Us 3, Europe 3, Rangoon 3, Imf 2, Euros 2, The City 2, Sebastian 2, Vladimir Putin 1, Barack Obama 1, Pontiff 1, Musharraf 1, Obama 1, Benedict 1, Zed 1, National Team 1,
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  LINKTV    Deutsche Welle Journal    News/Business. International  
   news and analysis. (Stereo)  

    March 23, 2013
    2:30 - 2:59pm PDT  

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>> live from berlin, this is "the journal." coming up, a day of wrangling in cyprus, reports of a new plan to stave off bankruptcy. a site never seen in modern times, ought to pope's get together. and in formula one, the grand prix. wealthy savers at cypress's biggest banks stand to lose 20% of their money, the latest talks
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that have emerging as cyprus battles to stay in the eurozone. european central bank says it will pull the plug on emergency loans monday unless the cyprus can raise the 6 billion euros needed to unlocked the international bailout. first, this report. here.iness is bad many are choosing to hang onto their money as the nation's banks remain closed. >> i don't have much cash left. i don't have a debit card to use. now i am not sure how to buy potatoes. >> the country's precarious situation has left residents concerned about their savings. parliament's decision to nationalize private pensions to create a solidarity fund has failed to reassure them. but an official says this will play no part in rescue package.
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meanwhile, at the finance ministry, the government has been holding talks with the imf, european central bank, and the european commission. progress on details of the bailout is slow. the majority of the issues on that paper to not call for any further work. there were two issues which will allow me not to go into any detail calling for greater quantification. >> the european commission books prepared to compromise. the biggest banks face a hair cut of 20% on deposits rather than 25%, a breakthrough that may be key to securing parliament's approval. >> we are following the story in cyprus and we are joined on the line. nathan, fill us in on the details of the possible deal. >> as we just heard, we
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understand there has been agreement between cyprus and the e.u. and imf at a 20% levy will be slapped on deposits of over 100,000 euros at the bank of cyprus, the biggest blunder in this country. 4% levy on deposits, the same amount as other lenders, which would include the much talked- about lackey bank. these pension funds, which we have heard so much about, which we also know were opposed by germany, are not part of this plan. that has been thrown out, even though it was discussed at the parliament last night. the devil is in the detail. we just heard in the report, we need to see the full plants or to do some number crunching and see if it looks viable. >> one key element seems to be the level of 100,000 euros. that would protect smaller savers from being hit by the original plan of eurozone. the people you have been talking to have heard about that idea?
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>> i think they need more information, more guarantees, but i think at this point any lifeline for small savers will be welcomed. as we say, it needs explaining. there is not much information in simple talk that people understand. nothing is being broadcast to the public. there is also fear that the banking restructure may make many thousands of people unemployed. bank employees are on the streets, very jittery. >> any plan has to get through parliament as well. will lawmakers be mindful of getting something through? >> i hope so, and i think after this week that has been a disaster, i think everyone is looking to wrap up this crisis and move on with life. the fact that the euro group is meeting tomorrow is only seen as being positive. we hear the president may even leave for brussels tonight. the fact they are finally talking seems to be making progress, that is something.
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>> thank you very much for joining us, nathan. as we just heard from nathan, cyprus's president is expected to fly to brussels sunday, perhaps sunday night to present what he hopes will be a deal. let's go now live to brussels. the details just emerging, but what is the response there so far to what we are hearing from cyprus? >> the progress that has been made is being recognized by the european union, according to the commissioner for economic and monetary affairs here in brussels. that is what he said in a statement that came out after we heard the details. he also said that europe's banks are ready to support a cyprus in rebuilding its economy and that europe will do everything that it can to help protect the most vulnerable, but he also says we have unfortunately reached a situation where there are no longer any optimal solutions, so
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all that is left, he said, are hard choices. whatever happens, even if cyprus days in the eurozone, it will be a tough time for the cyprus people because cyprus and especially the government -- the way the government has been handling this crisis has been criticized by everybody. >> the time table right now is being driven by the deadline by the european central bank. walk us through the next several days. what is on the timetable? case will the cypriot go to the top level of brussels. the president of the european commission and european council have counseled important meetings that were scheduled for next week because they say their presence is required to discuss the case. that already is quite an important signal that everybody is taking the case very seriously, that europe wants to keep cyprus and the european family. in the evening, the cases that
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we have heard will be discussed by the finance ministers who have come together in brussels, and that occurs at 6:00 local time. hopefully, they will seal the deal so that it can be implemented. so the rescue package can be implemented swiftly. otherwise, the deadline looming monday night, the ecb will pull the plug to financial assistance to cyprus's biggest banks. busy andnly a very tense day. thank you. other news, the russian tycoon has died. the opponent of russian president vladimir putin was found dead at his home in southern england. the circumstances of his death are not yet known. he emigrated to britain in 2000 after vladimir putin came to power. russian courts convicted and jailed him in absentia on embezzlement charges. he lost a massive damages claim against a chelsea club owner.
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tois not very often that pope's get together. in fact, it has never happened in modern time. pope francis to a drop in for lunch with his predecessor with a message, we are brothers. but the two men are very different and catholics will be watching closely in the coming months. pope benedict has been at the papal retreat at hasselbeck and also since he went into retirement. >> pope francis and his predecessor are longtime colleagues, but their roles have changed since their last encounter. saturday's meeting between the wast and present pope's interesting. benedict offered pope francis the dealer at the chapel to pray, but francis declined, saying, we are brothers and insisted on bringing side by side. but there was disappointment in the crowd in the square that had gathered in the hope of seeing
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the two men together. new pope francis has attracted plenty of attention in recent days. >> i feel so emotional because he is the pope that was very close to the people. he is very humble and very welcoming. >> but some are expecting him to take serious action. >> they have to rejuvenate the church and allow women to become priests. if not, in 80 years, most of the churches will close because there will not be any more priests. >> benedick has vowed not to stand the way of any reforms introduced by the new pontiff. on the contrary, he has sworn unconditional obedience to his successor. >> in a moment, formula one and another pole position. first, a look at some of the news. u.s. president barack obama has completed his middle east tour
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with a visit to the aged jordanian city of petra. mr. obama spent two hours visiting be famous heritage site that is carved into solid rock. he also spent time in israel and palestinian territories. pakistan's former president musharraf says he will return to his home country sunday. the former military ruler wants to take part in elections coming up in may. he has been living in exile in dubai. the pakistani taliban has threatened to assassinate him if he sets foot in the country. the french government has it is dead.u zed he was one of the top leaders of al qaeda. france says dna tests proved he was killed last month. he died in a french military operation. on to sports, and sebastian will be back in the pole position at the malaysian grand prix. made four.
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deconditions. >> a dramatic turnaround for sebastian settled. he is in the pole position. it is the second race of the season and settle's second pole. the dream finish came after a dreams are. and the first two rounds, he was slow on the wet track. he barely made it to the finals, but in the last qualifier, settle crossed the line ahead of it teen ferrari. even the champ is stunned by his finished. >> i had a decent lap and i was very happy. some parts of the track were still wet, others were dry, but overall a very good session. start nano alonzo will third on sunday. mercedes lost his teammates. the english racer will start in fourth. there was a block on a curve.
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been penalized. he will start the malaysian grand prix and have placed. >> the rain did not just slowdown formula one drivers, it has also caused havoc at the malaysian open. the number of arraigned interruptions forced organizers to shorten the tournament. the winner had a for under 68. soccer news, germany remained at the top of their qualifying group after beating cassocks and 3-0 friday night. the volley opened the scoring. with a little help from a deflections. mario doubled to score. in the second half, the shot sealed the 3-0 victory. germany's fourth victory in five
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games puts them well on track for world cup qualification. so a strong results for germany, but the team has some weaknesses, especially at defense and attack. it could be a sign for an intake of young blood. here's a look at some contenders out. >> they could be germany's next generation of goal-scoring machines. >> i don't think i am like the others. i like my style to make a mark. i tried to make sure that my game helps the team. >> it has been a tough road to the top for these young guns. this person did not get much of a run in the first season, but he has had better luck in his second. he has been a regular starter for norbert and as a contender for the national team. and the german coach it is not just trying out young strikers.
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he is also on the lookout for defenders that could work. >> in the bundesliga, when it comes to defenders, there are actually very few candidates for the left wing. they're not ones that i can bash into shape. now. >> but he will keep looking. in recent games, he has tried out five different combinations, but none of them have really worked. so the german coach's attention has turned to sebastian, the very model of a moderate defender, tenacious on defense, creative on the attack. >> every soccer players goal is to get onto the national squad. it is my goal, too. i have already tried it once and i would like to have another go. prove to be the future of german soccer and solve a couple of the team's biggest headaches.
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>> that is all i have time for now, but stay with us for the latest on cyprus as we get it in the coming hours.
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>> to this person and their colleague, they're on their work into me and mark's biggest city -- in myanmar's biggest city. they did not look like typical bank workers, but that is what they are. the streets of rangoon shows signs of the political and economic changes that have swept through the country. until recently, there were barely any cars in the city of 5 million people. now they sit in heavy traffic.
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to these people, they struggle through the packed streets every day on the way to the impoverished outskirts of the city. here, there are fewer signs boom, but's economic in recent years that has been an increasing flow of foreign money into the city. they want to make sure that some of that money goes to those who really needed. to those who really need it. they work for a local government organization, partnered with the international corporations. they provide micro credit to small businesses in the city. when we arrived, there are already people lining up. most of them are women. many say their husbands are at work. most of them make their work living as st. vendors.
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vendors.reet this woman sells vegetables. she does not have enough money to buy the goods, so she comes here for a loan. they can receive 50,000 chats, which is about 15 euros. every week they have to pay back in installments. interest is 2.5%. and addition, they have to say firefighter per week, about 50 euro cents. after six months, if they have paid back the loan, they can take out another twice as big. the savings trend is a big part of the program. we have to save money every week, and we have to get that to repay the loan from somewhere," she says. many people with a hand to mouth
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existence and have no experience of saving money. they have no financial protection against unforeseen circumstances. it is the concept of saving money that the savings bank foundation wants to encourage in myanmar. this person represents the foundation. she often goes to meet the loan recipients and ensure the process is running smoothly. problem today. a lot of customers have simply left their savings books. the recipients should really be here to collect their savings book, she says. we'll we say we should be on time and the customer should also be here. that is something we started to work on. runs short training
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sessions with local people. she covers the basics of business and economics to help people improve their businesses and their livelihoods. she says sessions on topics like saving and optimizing a business is something that she wants to bring in with the next half. german involvement like this has only been possible since political reforms took place in myanmar. the government's new micro finance law is the bedrock for the program. the foundation was to build the capacity of the local ngo so it can operate without outside help. that means that employees have to be trained at. one of her task is to visit loan recipients to check the money is being spent a lucrative late and is having a positive effect. -- to check the money is being spent lucratively and is having a positive effect. this person is a great example
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of what this kind of a loan can do. she runs a small restaurant, and imports and sort -- an important source of income for her family of five. with the loan, i can buy supplies and offer people more food and increase my turnover by 50%. happy. she is planning to grant her another loan. she asks if she will be able to make the larger repayments. yes, she says, it should not be a problem. she shows me her house. at the moment, she lives with her husband's parents. it for business keeps growing with the help of the loans, she hopes to be able to afford her own house one day.
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since the end of the military dictatorship two years ago, there has been a surge of development. as well as foreign investors, more and more ngo's are setting up here. at the end of international sanctions has seen unprecedented money flowing in. the non-profit sector is the largest source of foreign currency coming into the country. this person has witnessed the changes. the past seven years, she has been working for the aid organization. -- she is happy about the growing number of agencies coming into the country. says," theense," she need is still great. difference, real
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but many of them are realizing that everything they want to do is possible. things happen more slowly. everything is quite bureaucratic. they need time to get to know the country, the mentality of the people, and how the government functions. what works and what does not." i have come 6 under kilometers north of rangoon to this town. -- i have come 600 kilometers north of rangoon. this person runs a small guest house knows the country and the mentality well. he has also lived through the military juntah. police come the drunk at night and asked it to open the gates of the guest houses. they hassle people and squeeze money out of them.
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do something wrong, they will find out and squeeze money out of you. but now, no more. that is what i mean that democratization has changed all that. >> even though some things have changed, some of the old problems still remain. on the weekends, travels around nearby villages, picking up the children who wait for him. many are orphans. he takes them to school. it is privately run. his western name comes from his american great-grandfather, and he does not think much of state school ing. >> the teachers do not teach in class. cannot pay,children so they don't learn in class. the education is like wasted
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time. >> this person does not work for any international organization. he is one of the many individuals who provide services to local communities. he made the decision 12 years ago. he thought he had a well-paid job in the oil industry. when he became infected with hiv and his wife died of aids, his life was turned upside down. today, the children are getting a special lesson. two women from switzerland are staying in the guest house. they have agreed to spend time with the children. and -- them is a primary school teacher. it is a chance for the youngsters to learn some english.
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>> i like blue. >> the school has benefited from the political changes in myanmar. until recently, they have only offer the occasional weekend class. private schools were outlawed under the military regime, but that ban has been overturned. now they want to open a proper school at a regular timetable. the building is well under way. forill have enough space 300 pupils. he is impatient about getting building work finished. , but it now i am happy am in a hurry to finish. i want an opportunity for the students to have a better education and i ask the form people to help me. after class, i go to the
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villages. he wants to show us where the children live. 2/3 of the people live in the country, many in shacks like this. recentse people, the reforms have brought little changed. they still face problems like poverty, hunger, and a lack of infrastructure. asia was the water tank they have built so that the electors did not have to -- they show us the water tank they have built so villagers did not have to walk miles for clean drinking water. they used it -- they built with private money from germany. at one house, the swiss tourist are invited in for tea.
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most locals welcome foreigners with open arms, especially when they bring presents. communities like this stand to benefit more in
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